USDCHF remains confined within a well-defined consolidation range between 0.8795 and 0.8848. The 0.8848 level is a strong ceiling after repeatedly capping upside attempts, as indicated by multiple touches (marked 1 through 8). Those highs, highlight the significance of this resistance zone.

Needless to say, a sustained break above 0.8848 would be a bullish signal, opening the door for a push toward the 38.2% Fibonacci retracement at 0.8862. That level also corresponds with the swing high from March 14. A move beyond that level would further strengthen bullish momentum and shift the near-term bias in favor of buyers.

On the downside, the price has traded above and below the 100 hour MA (blue line on the chart above) indicative of traders being a bit unsure of the directional bias. Better support is established at the near convergence of the 200-hour moving average and the 200-day moving average, both in the 0.8810–0.8815 area. This dynamic support would need to be broken and stay broken to give the sellers more control. A break below this zone would weaken the bullish structure and have traders looking toward the low swing area between 0.8794 to 0.8799.

Key Technical Levels:

• Resistance: 0.8848 (ceiling), 0.8862 (38.2% Fib)

• Support: 0.8810–0.8815 (200-hour & 200-day MA confluence), 0.8794–0.87995 (range support)

A breakout above or below the current consolidation zone should provide clearer directional cues for traders.